Vital Energi secures £72.3mn decarbonisation funding in UK
Vital Energi has secured £72.3mn of UK Public Sector Decarbonisation Scheme (PSDS) funding for clients across the country.
The PSDS funding is administered by Salix Finance on behalf of the Government’s Department for Business Energy and Industrial Strategy (BEIS), who have announced that £553mn has been made available through Phase 3a of PSDS to 160 public sector organisations. The funding is the first part of an overall £1.425bn due to be allocated through Phase 3 until 2025.
"We’ve worked closely with our clients to navigate them through the PSDS 3 application process, helping secure 13% of the total funding amount for 9 projects across a range of public sector organisations, including NHS trusts and law courts," said Ashley Malin, Managing Director of Vital Energi (Solutions).
“PSDS is a great opportunity for public sector organisations to make significant strides on their decarbonisation journeys, and we’re delighted to have helped secure a significant amount of funding on behalf of our clients. We’ll be installing a range of energy conservation measures from insulation and BMS upgrades, to LED lighting, and renewable technologies such as heat pumps and solar.
“Not only will the implementation of renewable energy schemes deliver a significant reduction in carbon, they will also deliver substantial financial savings - the money saved on energy bills can be reinjected, to enhance the patient experience within hospitals, for example.”
The funding will help deliver projects using the latest technologies and save almost 15,000 tonnes of carbon per year.
Business and Energy Minister, Lord Callanan, said using cleaner technology to heat our civic buildings is helping to shield public sector organisations from costly fossil fuels, especially at a time of high global prices.
"This funding will bring significant savings for taxpayers of well over half a billion pounds each year by making public buildings cheaper to run, heat and cool, whilst supporting economic growth and jobs across the country.”
The next round of applications to the scheme - Phase 3b – is expected to open in September. Malin said having a delivery partner is an essential factor in the evaluation carried out by Salix Finance.
"From the projects we’ve been involved in, public bodies who can demonstrate that their projects are well developed and they have a partner in place to deliver the project on time and within budget, with a recognised route through procurement, are more likely to be successful in securing PSDS funding," he added.
Battery technology supplier Britishvolt recently entered into a strategic partnership with Sunbelt Rentals to support the development of the company’s first full-scale 38GWh battery Gigaplant in Cambois, Northumberland, and create “economies of carbon”.
The long-term strategic partnership will also see the companies work closely to support the development of heavy plant and equipment battery solutions to help decarbonise the construction and equipment rental sectors.
Yesterday Temasek launched GenZero, a wholly-owned investment platform company dedicated to accelerating decarbonisation globally (click here).
The world will need at least 70 to 220Gt of carbon removals between now and 2050 to limit cumulative net emissions to a level compatible with globally agreed climate objectives, according to Mind the Gap: How Carbon Dioxide Removals Must Complement Deep Decarbonisation to Keep 1.5°C Alive from the Energy Transitions Commission.
